Senate Panel Approves Powell as the Next Federal Reserve Chair

A Senate committee has approved Jerome H. Powell's nomination to replace Janet L. Yellen as Chair of the Federal Reserve, according to the Los Angeles Times.

Tuesday's 22-1 vote by the Senate Banking Committee clears the way for full Senate approval in the coming weeks before Yellen's term ends February 3, 2018. The only "no" vote came from Sen. Elizabeth Warren (D-MA).

Powell, 64, who has served as a Federal Reserve Board (FRB) governor since 2012, is expected to continue Yellen's policy of gradually raising the FRB's key short-term interest rate but has signaled more openness to easing financial regulations.

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